Page Four
Wednesday, June 22, 1032
LA GRANDE EVENING OBSERVER, LA GRANDE, ORE.
Financial Situation Survey By
National City Bank, New York
Effect of Currency Hoarding
and Gold Exports
General Business Conditions
(Continued Prom Page One)
cities of New York and Chicago where
most of the buying of government
had to take place, and that funds
therefore had to find their way out
through the country In a more or less
Indirect manner, the promptness with
which the effect of the federal re
serve activities were manifested In
the different federal reserve districts
has been gratifying.
Rebuilding .Member llunk
IUerve lialaiicwt
With the marked reduction In re
discounts and the steady Increase In
the number of hanks clear of the
federal reserve Indebtedness, the con
tinued purchase of securities by the
reserve banks has had the effect of
building up surplus reserves of
member banks, which Is the second
objective of the federal reserve pol
icy. As will bo seen from the table on
changes In the different classifica
tions of reserve bank credit, the first
few weeks of government security
buying resulted In no enlargement
of reserve bank credit oustandlng.
compllshments recorded with respect
to the reserve banks.
Never the lens, important progress
has been made. The catastrophic de
cline in bank credit In progress since
last July has been arrested
The turn has been most marked
In the case of deposits, which reach
ed a low point- of $16,837,000,000 in
March and have since recovered to
17.128.000,000. For deposits to pre
cede loans and investments In the
turn Is, of course, natural, since the
injection of federal reserve funds
Into the market automatically swells
the volume of deposits, while the
movement of loans and investments
depends upon the rapidity with which
the funds are Invested. It Is evi
dent from the course of total loans
and investments that these funds
havo not been Invested freely, but
hero too, within the past month,
there has been a distinct tendency
for the precipitate decline to flatten
out.
I'uttlng the Fumhi to Work
Tho fact that the new federal re-
HOME OF PERKKINS MOTOR CD.
since funds put Into the market Mrve Pcy has not done more to
through security purchases were more
than offset by the reduction In re
discounts and In the acceptance port
folio. After March 30, however, there
was a change In the trend, and con
tinued purchases of governments were
stabilize prices and stimulate busi
ness revival )ms undoubtedly dis
appointed many people who expected
too much within a limited period.
Such disappointment should not ob
scure the real accomplishments of
accompanied by a rise of $401,000,000 j tl,e Plicy. which have been described
in the amount of reserve bank credit
f rrr' Til "1 fin
i in i M . nfrj' - "
m'" t ft X i r
Id C "
ii in mm mi inr m miiimmmmimmmmatimi it'MTimMHimwmmxtiim
Jhl Mrui-tiire Ihmimh I lie IVrkln Molor iiiiupanv. otlicnvlw kiumii as the Fnhl eirur.
tunc may be mi Jable .Mmiiitalii uhti h MjiikIh . u Heiitlm-i mi lite eilee of llio div" mi ui.irit ,.r
furds the lilker u niarveluiw view of tiie entire (irunrtr Konde valley.
because supporting improvement in
the "capital goods" industries has not
occurred.
Of course. It can be said that the
country is over equipped and that
capital Investment therefore Is not
needed but this is only a half truth
In view of the scrapping that Is go
ing on, the mounting obsolescence of
attention has centered more on them,
making them keys to confidence.
Within tho next few weeks decisions
will be reached In Washington on the
government's fiscal policies and at
Lausanne upon reparations and ner-
hapn upon other critical matters. In
their effects upon the will to spend
of automobile sales and production is
generally reached in April or tboue
the first of May, and In the high
and medium priced cars the trend
has been about as usual, and is now
downward. But in the lower price
ranges the situation has been dif
ferent. Duo to the late introduction
and invest these- decisions will be of i of the Pord modri thn unrinv
nrlr dlsDarltles which are disrupt
ing the exchange of goods therefore
have not been improved during the
month. Among the commodities which
reached new lows during May are
copper, zinc, silk, wool. hog, steers,
pig iron. suar, rubber, butter, and
vegetable oils.
An exception to the general weak
ness, and a very important one. Is
wheat. - The government estimate of
tlie winter wheat crop as of May 1
was 441.000.000 bushels, a reduction
of 17,000.000 as compared with one
month earlier, and 346.000.000 under
last year's yield. Private reports dur
ing tho month have indicated a fur
ther decrease. The spring wheat
nrosnect is a more favorable one.
Planting has made good progress and
to develop periodically in Europe has as tho Proposals ' Hef expcndl
been in full swing during May. caus- tures calling sooner or later for fUr
ml the heaviest withdrawals of gold ther large offerings of new securities
in any mouth since October. Through
the 27th of the month the net loss
had been 205.500.000. ine cnangu
consisting of exports of 2O5.O00,OOO,
an imri.fl nt i3aoo no in earmark
ing, and imports of 12.8O0.O00. Near-
ly ail or me exports weiu w w
land. Prance, Switzerland and Bel
glum, In that order, and the ex
changes of all those countries
throughout the month havo been at
or close to tne point nuiKing
shipments profitable.
These smpmenis are me cajjiw
by the treasury. Inasmuch as the
trend of government bond prices
dominates me murKCb tor me high
est grade bonds of other classes, the
latter havo declined in sympathy,
(Continued on Pace Five)
IIK.STV( KEKVICE STATION
Already an outstanding figure In
(the automobile service station busi-
nesu, Mr. Heasty, still not satisfied
sion of a coiitlnulnc desire of peo
ple in other countries to have their
funds at borne, following their experi
ence with balances in ixnaon " rf.asin 8Vstem. This
incurrea wneu gum ''lat. nr
mrtuiiirn mnriitions are more satis
factory than in several years. Even which losses were
if the spring wheat crop should be
a good one, total production will bo
little if any above domestic require-
mniita anH avnnrljl U-'tll romfi DUt
of the carryover. j attracted hero Dy nign uuere&b iuu
Tho acreage in winter wheat In 20 during the boom and which has been
countries. Including KUfisia, is esii-, an element, m uuugci mm
with tho service ho is rendering to
the automobile traveler, is installing
at this time, a now and complete car
new
In use to 1,088,000,000 on May 18,
the highest since the year-end. While
part of this Increase was offset by a
loss of $200,000,000 In gold for ex
port during tho period and a slight
rise In money In circulation, never
theless there was a net Increase of
280,000,000 In the volume of mem
ber bank reserve balances available
for use as a basis of credit.
'- As a consequence of this Increase,
member bank reserves arc estimated
at the present time to be more than
300,000,000 In excess of require
ments, sufficient at the customary
ratio of expansion to support an
added' volume of member bank credit
equal to over 3,000,000,000 without
another dollar of credit expansion
by tho reserve banks.
Trend of Mnnber Bank Credit
So much for tho contribution of
the reserve banks towards business
recovery." By their action, pressure of
deflation duo tq monetary causes
has been relieved and funds have
been made available for member
banks and business to use at such
time as Inclination and opportunity
exist to use them.
But business, In thc last analysis,
can be benefited by easy money pol
icies only insofar as they lead to an
expansion of member bank credit.
In this respect the showing to date
lias boon less impressive than thc nc-
portant. The pressure Imposed upon
bank credit has been lifted, and
funds are once more accumulating
in large volume, awaiting investment
In Industry, agriculture and trade.
It remains now to find means for
putting these available funds to work.
To this end the principle obstacle
now Is fear. Manifestly It is thc gen
eral view of business men that the
uncertainties In political and finan
cial affairs call for policies of caution
with respect to forward commit
ments, and deferment of plans for
new or replacement projects, and for
expansion of operations, until their
profitableness Is more clearly assured
Among investors this attitude had
lis counterpart In avoidance of risk
In tho markets. Hence there Is lit
tle show of Initiative or enterpvfao
methods, new products and new ma
chlnery with which industry needs to
equip lUelf to meet changing mar
kets and to keep production costs
down. H Is more In accord with the
facts to sny that tho barriers to un
dertaking work of this kind are the
unwillingness or the industries to en
gage In It while they are having dif
ficulty in making both ends meet,
and the unwillingness of Investors
and lenders to incur risk In Indus
trial undertakings. Both policies arc
rational ones, and In light of all the
circumstances are not properly sub
ject to criticism, since the critics
could not act differently If they had
the decision.
Criticism of Bankers
There has been much crlticiBm or
thc banks for failure to pass the
new supplies of credit Into use more
rapidly. 11 is represented that after
receiving great sums from the re
serve banks and the reconstruction
finance corporation the hanks arc as
unwilling to make loans as before unci
In fact are the chief of hoarders.
Tills Is a kind of criticism that read
ily passes current, but It Is unfair
and Inconsiderate of the difficulties
of the banking situation. Thc new
credit which Is put into the mar-
In business, capital investment coil- I ket bY reserve purchases of govern-
tlmiOK nonl-lu flt a ntnnrUtlll nnri ! niCIjt llOlldS COIllS to tl)0 banks tt8
i.,it., i. ii m,i ,,...(,. .deposits made by the public, and
tlvlty Is largely confined to supply
Ing dally neetlH which are reduced Tor
lack of purchasing power to satisfy
them,
Never has there been a clearer
demonstration of the part that tho
accumulation of capital and Its trans
formation into buildings and ma
chinery and other facilities for rais
ing the standard of life, plays -in
normal business activity. Every prom
ise of sustained Improvement In Hie
Industries making goods for personal
consumption has failed of realisation
SPECIALISTS
in
SIMONIZING
"The All-Weather Protection
For Your Car"
V and D LUBRICATION
CHHCK-CIIAKT SYKTKM FOR
ALL CAUS
A COMPLETE SERVICE
INCI.l'DINC: WASHING TIKK RICI'AIKING
AM) ItATTKUY KKHVK'INC
CITY
SERVICE STATION
Second & Adams
l'honc Main !)S()
the banks are under the same obliga
tion to handle them safely as In tho
ens of other deposits. It should be
understood that the business houses
well supplied with capital generally
aro In easy clrcumutances now be
cause of slackened trade and are not
desiring to borrow.
duction peak has not vet been reach-
Por the United States, and Indeed ied- After making 115,000-120.000
for all countries, the establishment j cars in each of the first three months
of the national finances on a sound j of the year, the Industry turned out
basis is a condition essential to eco- j 148.000 In April, apparently came
nomlo recovery. This means balancing j closo to 200,000 in May, and with
tho budget, both by courageous and j further expansion by the Ford corn
patriotic action in rigidly controlling pany it appears certain that June
expenditures and by increasing the ' wfil bring another gain,
revenues through a broadening of the j of course, the figures are very low
basis of taxation. The preent fiscal ! nd it Is necessary to go back to
year which clmes June 30. 1032 shows J92l for comparable totals, but tho
a deficit through May 24 of approxl- train Is, helpful in many directions.
2r?.l;iS 2-65G'0(0 000- of w'c W86.-iit is due to automobile orders that
000.000 represents appropriations for , operations of the steel mills increased
t!)iri f?ni'''n,?nnrnrwlv.'''''!r''" gradually from the April low point
t on and J82.000.000 purchases for Gf 21 per cent to 25 per cent in the
the sinking fund. Estimates that, third week of Mny. according to the
havo been prepared for the 1933 fiscal estimates of the Iron Age.
year indicate the need for raising ap- Dlll,.. ......
proximately 1.100.000,000 in nddl- . Building construction Is extremely
tlonal revenues and erfertimr n r,.- B,ow nn HKewise shown some-
mated by the department of agri
culture to be 5,300,000 or 3 per cent
less than one year ago. The Canadian
sDrlnif wheat area is reported de
creased 3.5 per cent, but planting la
off to a good start, in view oi ine
part that wheat has frequently played
In leading the way out of depres
sion, the situation win Dear watcn-
Inc. for the ground is laid lor an inv
Dortant advance in prices if there
should be crop failure in any of the
principal spring wheat producing
areas of tho world.
Tho cotton crop is getting a good
start with weather generally favorable
and the acreage reduced less tnan
the trade would like to have it in
view of the excessive carryover from
the present crop. However, tne last
word Is not said upon the cotton
yield until the boll weevil has had its
chance at it, and the crop this year
is very inadequately lertiilzeti.
Tho prospect for agriculture Is nA
a cheerful one In view of the prices
of agricultural products, but Is helped
by tho tendency of farmers every
where to grow more of their living
at home and to use more "family la
bor." Farm wages have continued
downward In a season when they or
dinarily advance. The economies that
are being made in ine cost oi pro
duction will stand the farm areas in
good stead when the time comes to
market the crops next lan.
Money 1 tales and iotd Movements
Tho continued piling up of funds
in the chief money centers, through
tho federal reserve bank operations
already discussed in this letter, has
further eased tne money mantels, ana
additional reductions in short term
loan and Investment rates have oc-
month. Com-
ductlon of Aannnnnnoo in .m. 1 what mole than the usual seasonal curred during tho
mental expenditures in order to bring ! exP:inBjn- Contracts awarded pared with April 1, prior to the ex
receipts and expenditures into bal- iroug 0 2l6t of tno montn- ac- panslon of the reserve banks' secur
anco by June 30, 1933 This calcu-' cordlng to tne R W- Dode corpora- ity buying program, the rates pre
Intion includes ns revenue 6270 000 - I tlon' aven,ei $5,319,000 dally, an In- vailing at the end of May were as
ooo tiue from foreign governments Jl Y.'i i pi iohows:
April 1
Call money 2
Time loans,
60-90 days 2Va 3
Tlmo loans,
4, 5. fl months.:.. ..23; 3
Commercial paper,
best names 314 4
Acceptances. 90
clays. asKeu u'fc
.90 (.i 1.70
Mav 25
2343
which may not bo received, relies ' nverae' oitnougn a decline of 50.G
upon some Increase of revenues duo ! .cent from one yettr For this
to an upturn In general business, 1 niMeral Ram P"bllc works construc
and does not include such appro- I tlon- wpeclBlly of highways, has been
priatfons as may be necessary for tho,e,u,reIy responsible, since new resi
recons true tlon finance corporation i dential building is more nearly at a
Tho task of treasury financing dur- tantlstill than for many years back.
Ing tho coming fiscal year. In view of j The foregoing are three very Im
the uncertain balance of the budget, ! portant industries and even the mod
Is a problem that demands Attention I crate Improvement noted is an en-
neforo consideration is given to the ; couraging one. The question of the ' Treasury Bills
vtu (mm iimhu imiiuMii caning ior i minimum u wuicn ousmess can j
additional expenditure of several bil- drop is sometimes raised, and the As the banks have faced increas
lions of dollars. course of these Industries seems to Ing difficulty in employing all their
Without nKsnrnnro of nvorn mont. supply some evidence on the mat- funds at remunerative rates, it was
determination to keep its fiscal house' tPr; nt anv rate tnev nave now held, inevitable that rates of interest paid
i ...),. 1 1 . , ) it loir trrniinrl nr inifitnrl stiirVitlv f nr . r.n li.ni- iloni-wstts elionM r-nnio rinwrii
t is safe to sayi ' L1,u ,w lomN r";. , "i?" f v r - ir v;
that the banks welcome opportunities j it u Investment or buslnew Kcneral business or trade recovery. clearing house reduced rates which
to emp oy the r funds afely. Un- "J ?hat o other lines the recent trend has its members may pay by 2 of 1 per
.......... v.,. w.v ..v. m. tiu. , Blnlo nfiunncc iliH donc more to Dcpn ol disappointing character. The : cent, maxing tne new rates y2 or l
lust two years many would-be bor-; UIlsett,0 confidence check business textile industries in particular have per cent on demand deposits payable
nlnulr nT.MMoM'Tn .Ztm iinS rcvivil1 ttml "Mt th0 ood effects of een-dull, -The cotton mills durIng;to banks and individuals (except
longer aro entitled to that rating. Ilho f0(Urn re3l.rvo credit exnansion i March and April sold only-about-one- mutual savings -banks -for -which the
I hey are in need of reenforcements profirillll tl)an tho (1ehiy mi 'tjie t Half of their production and a sharp I rate is 1 per cent), and 1 per cent
S Lrt h H h li l .!!! i of ""K1 ' ''"" efatlwly with '"f11"1"' of operations has fol-ion time deposits. This reduction
OI UallK Credit. IlllS is Always thO ,,,, ,..,. ... ..." , ,.A . I Inwpri. nnmPKtln rnttnn pnnsnnmtlnn I r.Ktnr tlin rnti offflfllvo frnm TUtnv
caso after every great shrinkage J , hopeful fact that the Washington ob-! 1,1 Al,ril owed one of the severest; 18 to October 10 last year; however,
values, and the principles or sound : Kervem uniformly predict defeat of i declines on record, tho average per the ruling of the clearing house put
banking cannot be disregarded at any tlM vnrlous proposals that would lead W"ing clay dropping to 15.600 bales! into effect April 22. providing for
fine. t.,i,.. . I com tin red With lOfifKl In Mnr-h An. I darliiPtlnn frnm t.hn linlnnno nn whffh
As to purchases of securities slm- ' n nf tllY ..,, h,lltI !: parently the mills have not sold i their I interest Is fieurcd of a sum coual
banks are necessarily cautious about!
Individual purchases of bonds of the j
class fur which the market at pies- j
ont Is narrow, for they cannot dis
regard tho possibility that It may ho
ance. according to the treasury estl- i:iru'i,-'n iino me ntic summer is : mo amount, was equivalent 10 a iow-
matcs. 111 prospect. Woolen goods business ering of tlie rate paid, and therefore
(ieneni ttiiviiiPvt i '...,.) ih.,. for ,ul1 has not vct riovelopecl to any the new rates are actually the low-
. m nu misiniss i oniiiiuiii.H extent, although several weeks have I est ever fixed by the clearing house.
Hiuiuii i i.t.iy imn i.u with j empseci since ine nvuiiuacturers or-. ana represent u.ino per cent on de
neceSHaiy to Convert them back into tail improvement over its predeccs-! f.-n-d thplr full linns nnd nrlrnn nrn mnnrl rlrnnsltA rtftirfvl nn f.ho nlrl
cash. Always the banker must con- ; aors. so far as general trade activity j substantially lower. In the rayon in-i basis.
sider his obligation to the depositors Is concerned. Soino or tho Indus- 1 dustrv a complete shutdown in June t This action was followed by a cut
whoso money he Is employing. tries havo shown an upturn in the 1 in talked of, to permit absorption of ! in the rates on foreign deposits, re-
I'heso considerations are not of- nature of i belated "soring rise." but!tockH nn hnnri tio tiiir arwia Gnn. rinrinv tiim n it. i nnr
femi as aigumcnts against furtln r , distributive trade has been dull, and : son has not been a favorable one and i commercial demand deposits, 1 per
hip nosiery mius are operating at a i cent oi demand lunds ot central
veiy low ngure. bnex production 1 hanks, and iy2 per cent on time de
likewlso Is curtailed, the April total posits.
expansion of loans or purchases of i such broad lmlexes of activity as car
securities, but in Justice to the bank- 1 loadings and electric power produc-
i cr's side of thc situation. It prob- j tlon have made an unfavorable show
ably Is possible for tho banks to.in. running farther below tho cor
movo more freely in com-erled action j responding weeks of 1931 than In
j than they havo done singly, but time j any chiller period this year. More
ls required for tho development of j over weakness in the security and
this policy. The organization In tho , commodity markets contributed Its
: ntiveriii reserve cusiricis oi commit-1 quoin or disappointment to the i Ing period In the markets Declines
tees, composed In part of bankers 1 situation, indicating little confidence to new lows In stocks, bonds and
and In part of Industrial leaders, j in early business revival. commodities have both reflected and
ior tne purpose or advising how funds I 1 ho most encouraging development ; caused discouragement and have cre-
scrvlce
payment thero were suspended. The " vw ,.,' ,J ,, .
withdrawals are regarded in this ! equipment and lubricants, applied in
country as 'a desirable repatriation ; accordance with Instructions on
of the foreign owned gold which wasichftrt8 prepared by car greasing ex-
perts. This new service is to bo In
stalled by the Texas Oil company, at
which tlmo a general course of in
struction will bo given to Mr. Heasty
and his assistants as to tho proper
method In the handling of the equip
ment-. (
A personal register on which tour
ists from many states and foreign
countries have written their signa
tures Is still maintained after more
than four years of continuous opera
tion. Tho personal service and cour
teous, cordial treatment ho occord3
his visitors has won for him many
friends among the traveling tourists,
who never fail to call back, when
passing through La Grande. In a
contest conducted by the Texas oil
company during 1929 for courtesy and
cleanliness, Mr. Heasty s Btatlon was
one of the winners in this district.
The filling station Is located on the
Old Oregon Trail highway at Adnms
Avenue and Second street, handling
Texas company Texaco products.
ment while it has been here. Of
course, it is regrettable that the
movement is of a partly hysterical
character, due to misunderstanding
abroad of the measures adopted for
relieving the credit situation. The
withdrawals have caused no disturb
ance in -the money markets, the re
serve banks having offset them by
purchases of securities.
A slight Increase in currency In cir
culation has occurred during the
month, 'the -net gain having been
$12,000,000 in the four weeks ended
May 25. If this indicates resump
tion of hoarding it is obviously of
minor Importance. Evidently the ap
prehensions .of Europe over our mon
etary standard find little echo here.
Bank failures, which are the primary
cause ot ; boarding, continue much
less numerous than in the winter.
They totaled 45 In March, 68 in April,
and 67 in May up to the 26th. ac
cording to the American Banker.
The Horn! Market
Tho bond market has continued
under pressure of discouraged selling
during -May.' Losses in the lower
rated Issues of all types havo been
particularly severe and in numerous
cases prices have dropped to the low
est ever' recorded. Higher grade
bonds have held their ground bet
ter, but have declined likewise. Af
ter the' middle of the month the
government Issues developed consid
erable weakness, and tho treasury 3s
of 1951-55, which at the first of the
month were quoted above 04, sold
for a time below 90.
The influences operating in the
morket are not difficult to trace.
Weakness of government bonds un
doubtedly reflects the apprehension
In the minds of investors caused by
the long delay of congress In enacting
tax legislation and in effecting econ
omies to balance thc budget, as well
Car Washing
Simonizing
House Cleaning
Floor Waxing
Window Washing
all general
cleaning Work': .:
Fred Warrior
Phone G83W
' 1306 Jefferson
FOR
TEXACO
Gasoline
and Oils
Plus
Cheerful
Friendly
SERVICE
Come lo t
HEASTY'S
Filling Station
2nd & Adams
being estimated at 20.500,000 pairs
compared with 29,900,000 in April last
year.
The Course of Prices
Tho month has been another try-
may be safely used, is a fun her de-! In Industry during the month Is tho
eiopment or llio reserve policy and helated expansion In automobile
iimiuiMu iiiKi wiiii-n nos provmcu sup
Complete
Automotive Electric
Equipment
Service
Battery Recharging K- Rebuilding
WILLARD
AUTOMOTIVE
Electric Company
II 25 A da dim Ave.
Main 520
Is sound In principle. This Is a com
slructlve effort to revive employ
ment, and with thc organization ex
tending over tho country should
answer tho complaint that credit Is
lucked up In the centers.
It must bo considered that Mm
paralysis or Individual Initiative, dis
trust of credit and fear of the fu
ture extends over the whole world.
Its efrect Ih to produce a disintegra
tion of organized society. It Is as
IntectlouH as the most insidious dis
ease, and Is In fact a disease of the
higher civilization, wherein credit
haM been long used with Increasing
efficiency, and finally, under thc
enormous stimulus of war and post
war conditions, recklessly. The re
action has been terrible, but all re
aeltoiis spend themselves at last. Peo
ple do not remain In tho fear paraly
sis forever, (iradually l hey realize
that all of llie elements necessary
to orderly business and nrosiieiitv
sllll exist and that only n sensible'
policy of cooperation Is needed to j
restore confidence and reestablish Un
economic organization In full work
ing capacity, J
I'art for (lowTiwuciils (o I'litv 1
In large part the Mtuiitiou Is' the f
ouicnme of delay in this count rv and I
In others u!m In dealing wlth prob-j
leniM which have passed beyond, the
control of business men and become j
governmental problem, and action
upon which has become more vital as
port for the steel Industry against
the falling off m demand from Its
other customers. The seasonal peak
ated further difficulties for busi
ness. Tho fall in commodity prices
has been a slow one, but has centered
In tho raw materials and farm prod
ucts which already had declined more
than manufactured articles, and thc
Reduction in clearing house rates
Is not only a consequence of the re
serve bank policy, but is calculated to
assist in making it effective, since
tho low return on balances In the
larger centers supplies an increasing
lncentivo for country banks to use
their funds at home even at some
what greater risk. Thus tho change
will bo a factor in spreading cheap
money from the New York market
over thc country.
The (Johl shipments
Another of tho "inllallon scores"
concerning tho dollar which appear
FREDS
AUTO BODY AND FENDER SHOP
Painting- and Color Matching
Tops - Curtains - Glass - Fenders
Fieu Rslimiites Cheerfully Given
"Cw V..A .,.,,1 1 AI,J (f?
tOCC i llU (UIU DC iYHLclU
Im-kI liuKeiTield,
Prop.
I 211 Greenwood
Ave.
ill
Square Deal
Filling Station
ti nd Groceries
IN THO .V!!I .11 1 I I IISON
USL
BATTERIES
1920
AUTOLITE, DELCO-REMY
y: ELECTRICAL PARTS
CARTER AND STROM BERG
CARBURETORS
Burgess Battery & Electric
1308 Jefferson
19.52
BATTERY SERVICE
AUTOMOTIVE
ELECTRICIAN
Specialized Service - Speedometers - Magnetos - Fuel Pumps
Mcdonald electric company
"Where Your Patronage is Appreciated"
PHONE MAIN 7.1H WESLEY McDONAt.I) 1-128 ADAMS AYE.
Formerly Cox Auto Electric
SHELL
PRODUCTS
Service You'll Like
Gas - - Oil - - Grease
Tires
LA GRANDE
FILLING COMPANY
Main .171
B. E. Kuhn and J. J. Zweifcl
ax